Case in point: Recent research from Aon Hewitt shows that 83% of U.S. women aren’t saving enough to meet their needs in retirement, compared with 74% of men. What’s more, Aon Hewitt projects women will need 11.5 times their final pay to meet their needs in retirement, compared with just 10.6 times pay for men.

According to Aon Hewitt, there is a gap of 3.3 times pay between what women need and what they’re actually on track to have saved to retire at age 65. “For men, the difference between needs and resources is just 2 times pay,” Aon Hewitt noted in news release. “This shortfall means women, on average, will need to work until age 69 — a year longer than men — to meet 100% of their needs in retirement.”

“Women face significant stumbling blocks when it comes to saving enough for retirement, including longer lifespans, lower salaries and a greater likelihood of taking hardship withdrawals from their 401(k)s,” Virginia Maguire, director of retirement products and solutions at Aon Hewitt, said in a news release.

But women can and ought to take matters into their own hands. Here’s what experts suggest.

1. Don’t be intimidated by the jargon

It’s unavoidable. The world of money is all about jargon. Enough so that it often leads to fear, inertia and inaction. But don’t let jargon get in the way of you learning what you need to learn.

“The industry is also responsible for the jargon and the confusing way issues are presented,” said Cindy Hounsell, president of the Women’s Institute for a Secure Retirement.

For instance, the industry, she said, is fond of giving tips that “come out of deep research” when it might be better to show women how to take action, how much of their salary they need save by a certain age, for example.

“We tell women that building up to 15% and avoiding debt will likely get them close to where they need to be,” she said. “But figuring it out on a calculator or seeing how much your money translates into monthly income is key. No options here: you must do this and it won’t take care of itself.”

2. Increase your savings rate

Speaking of saving, women likely need to increase the amount they contribute to their 401(k). Consider: On average, women are contributing 7.5% of salary to their 401(k) while men are contributing 1 percentage point more, or 8.7%. And a lower savings rate combined with disparities in salaries makes for lower 401(k) balances. Consider: in 2015, women had an average plan balance of $71,060 compared with $119,150 for men, according to Aon Hewitt.

Given that, women should increase the amount they save in their 401(k), at least enough to receive their employer’s full matching contribution, said Rob Austin, the director of retirement research at Aon Hewitt.

3. Invest found money

To be sure, many workers find it difficult to increase the amount they contribute to their 401(k). But there are ways to invest found money. “When we asked workers why they aren’t saving, most said ‘I can’t afford to save,’” said Austin. “Budget tracking tools can help workers get a clearer picture of their finances and find ways to cut expenses.”

For example, workers often overlook discounted products and services offered by their employer such as auto insurance. “Finding way to save money on everyday expenses will give workers extra capital to put toward retirement,” said Austin.

4. Seek professional help

According to Aon Hewitt, workers who use professional investment help in the form of managed accounts, target-date funds and professional advice fare better than those who invest on their own.

Given that, experts say women who aren’t already using professional help for their nest egg ought to seek out advice be it online or in-person. “Get help,” said Austin. “Taking advantage of tools, resources and professional investment advice offered by employers can improve retirement savings outcomes.”

Others agree. “Women are more likely to ask directions so they need to know how to ask for financial help,” said Hounsell. “Most women cannot afford mistakes — pay issues, caregiving for families, longevity and eventual need for long-term care and threat of running out of assets all make it more difficult.”

5. Take advantage of workplace benefits

Financial wellness programs are the latest and greatest employee benefit. Women should take full advantage of these programs if offered in the workplace, and other employee benefits. Among other things, financial wellness programs can typically help women learn and assess their retirement readiness.

“Know what you have and make the most of them,” said Hounsell. “Coordinate with spouse or partner. Become an expert on what is offered. Not ‘I’m not sure what the match is. I’m not sure when I’m eligible to join. I’m not sure if I was automatically enrolled etc. I’m not sure what my spouse has.’ We hear this all the time.”

6. Unique investment strategy

Because of longer average lifespans and lower lifetime earnings, women need to invest differently than men. They need to think long term.

“Women live longer so you will need more money to finance your longer life — as much as you can save,” said Hounsell. “Most retirees say they wish they had saved more. Many say, “no one ever told me’ or ‘wish I had listened.’ This is not just an interesting aside; this is your future life.”

How to invest then? For one, they might need to consider immediate and deferred income annuities as a way to make sure they don’t outlive their assets. What’s more, they might to consider investing in assets, stocks for instance, that should give them a chance to maintain their standard of living throughout retirement. And no matter what, said Hounsell, “don’t panic and move your money.”

7. Don’t cash out

Likely, there’ll come a time when you leave your employer. But that’s not the time to cash out your 401(k). Instead, keep saving.

“It’s tempting to cash out your 401(k) balance when you leave an employer — particularly if it’s a small balance,” said Austin. “Repeating this pattern multiple times over the course of a career adds up because you’re not able to reap the benefits of compounding. Instead, women should either leave money where it is, or roll it into their new employer’s plan.”

8. Plan ahead for widow’s benefits

Now might be good time to start thinking about your Social Security benefits and this often-lost-in-the-world-of-retirement-planning fact: The maximum survivor’s benefit amount is limited to what a husband would receive if he were still alive.

A few more facts to mull over as you think about the importance of planning ahead for widow’s benefits: One, there are currently about 5 million widows and widowers receiving monthly Social Security benefits based on their deceased spouse’s earnings record, and two, in 2015, the average survivor’s monthly benefit was an estimated $1,098.

What to do? “Learn the rules of the systems you will rely on,” said Hounsell. “Maximizing claiming of Social Security benefits can improve your future.”

FYI: Determine your household’s best Social Security claiming strategy by using calculators such as those found at FinancialEngines.com and AARP.

You’re invited:

If you’ll be in the San Francisco Bay Area at the end of July, we’d like you to join us for a special event focusing on retirement issues for women. The X Factor: Retirement Matters for Women is a free, two-part event designed to bring expert analysis and actionable information to consumers and professionals on how to plan for the best possible retirement.

On Wednesday, July 27 in San Francisco financial advisers and investors are invited to join us for an evening of cocktails and conversation about Social Security claiming strategies, tax-advantaged investments, longevity risk and more. Bob Powell will be the moderator, and our guest panelists will be Eleanor Blayney, Consumer Advocate for the Certified Financial Planners Board of Standards; Sabrina Lowell, Chief Operating Officer, Mosaic Financial Partners; and Frank Paré, President and Founder, PF Wealth Management Group. For more information or to RSVP, send an email to MarketWatchReception@wsj.com

On Thursday, July 28 at Dominican University in San Rafael, Calif., we invite women and couples to join us for a panel discussion and luncheon specifically designed to help people develop a holistic approach to retirement planning, focusing on both financial and lifestyle objectives. Our guests will come away with specific lists of essentials: must-dos and how-tos. For more information or to RSVP to this event, send an email to MarketWatchEvent@wsj.com

Guests are invited to joins us for either or both events. They are free and open to the public, but seating is limited and reservations are required. Please note the different email addresses for RSVPs for each event.

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